EBRD To Support Phase II of Power One - Mandate Letter Signed in Gdansk

The document outlines the EBRD’s intention to provide long term debt financing to Power One, the distributed electricity generation project implemented in Ukraine. The financing will enable the completion of Phase II of Power One, which is expected to add nearly 170 MW of generation capacity across six sites in Ukraine. The total project cost of Phase II is estimated at more than €90 million.

The signatories of the Mandate Letter were:

• Harry Boyd-Carpenter, Managing Director, Sustainable Infrastructure Group, EBRD
• Eugene Baranov, Fund Lead of Amber Dragon Ukraine Infrastructure Fund I and Head of Infrastructure at Dragon Capital
• Volodymyr Kudrytskyi, Co-founder of Negen, managing partner of Power One

In 2025, a mandate letter on €21.1 million debt financing for Phase I of Power One was signed at Ukraine Recovery Conference in Rome. Currently, the implementation of Phase I is underway: 28.4 MW are already operational, and another 40 MW are expected to be commissioned in 2026.

Eugene Baranov, Fund Lead of Amber Dragon Ukraine Infrastructure Fund I and Head of Infrastructure at Dragon Capital:

“Investing in Ukraine's energy sector is a core part of Dragon Capital’s long-term investment strategy. The EBRD financing is a significant milestone, providing the debt capital required to complete implementation of Power One. Beyond the funding itself, it reflects the credibility and quality of the project and reinforces the confidence of international financial institutions in Ukraine's energy sector. We believe this transaction will help unlock further investment to support the country's energy recovery and economic resilience.”

Volodymyr Kudrytskyi, Co-founder of Negen, managing partner of Power One:

“The document signed today paves the way for the rapid and efficient scaling of Power One’s portfolio. It will enable us to advance our mission of helping transform Ukraine’s energy system through distributed and flexible generation that produces electricity when it is needed most.

Additional financing from the EBRD is not only a financial resource for us, but also a recognition of the achievements our project has already delivered. We deploy facilities from scratch within six to eight months, while maintaining an availability rate of 98%. This allows us to lead the sector both in terms of speed and operational efficiency.

The implementation of Phase II will enable us to become a market leader in energy storage, bringing the total capacity of our BESS portfolio to more than 750 MWh”.